ASEAN economic success
: a study for financial markets

  • Fan Wu

    Student thesis: Other thesis - CDU

    Abstract

    In the 1960s the ASEAN economies comprised many of Asia's poorest economies. The birth of ASEAN was a major turning point in the history of Southeast Asia. Indonesia, Malaysia, the Philippines, Singapore, and Thailand signed the Bangkok Declaration of 1967, which established ASEAN. Over the years, ASEAN has become a strong and viable organization. Since 1965 all except the Philippines have increased their real GDP per capita by at least an average annual rate of four per cent. The 1980s was a period of unprecedented prosperity and expansion for most of the ASEAN countries. They sustained some of the world's highest economic growth rates, albeit from low bases. Through rapid economic growth and falling population growth rates, Indonesia, Malaysia, the Philippines, Singapore, and Thailand have graduated from the ranks of low-income countries as classified by the World Bank to the ranks of middle- and in some cases upper middle-income countries. Despite external shocks -- notably oil price hikes, recession, high interest rates, and protectionism -- in the past decade the ASEAN countries have attained higher rates of real output growth and export expansion with lower rates of inflation than any other group of developing nations. The ASEAN has not only minimized the differences between the member countries but also acted as a pillar of stability in the region. Without ASEAN, there might well be doubts as to the future of free societies in Southeast Asia. ASEAN has dispelled those doubts and has shown the world vast potential for growth and prosperity...
    Date of AwardFeb 1997
    Original languageEnglish
    SupervisorSajid Anwar (Supervisor)

    Cite this

    '